Akash (AKT) Price Analysis: Bulls Attempt to Break Above Descending Trendline

Following a monthly bearish crossover, which led to another dip, AKT posted losses and slipped under $2 after nine months of trading.

Akash’s (AKT) price slipped below $2 for the first time in nine months last week. However, the token quickly found support and began a retracement.

At the time of writing, Akash’s price was up 11% over the past 24 hours and changing hands at $2.88. The token’s price dropped sharply last month after facing rejection at $3.9.

From there, AKT’s price began a fresh decline, which saw it slip below $2 on Monday. However, the token found support at the $1.81 level, which helped it begin a recovery.

The token’s price retraced slowly, and it now appears to be testing a descending trendline, which has acted as diagonal resistance since April.

Given that the price has been rejected at this trendline multiple times in the past, the market could resume selling. However, it is also worth noting that the recent bearish impulsive and retracement moves were short compared to the initial swings, which could indicate weak selling.

On the other hand, the buying seems to be stronger, and the price is attempting to break above the trendline. If the price manages to break through, it could propel buying towards $4 before pulling back to nearby support for a major recovery.

Even if the price breaks lower, we can expect a quick interception from the bulls’ side. However, the overall market bias remains strongly bearish on the daily timeframe.

Akash’s Key Level To Watch

A weekly close above this trendline could facilitate more recovery to the $3.9 resistance in the upcoming week.

Should the price continue to gain traction, the $4.7 and $6 levels would be the next target resistance for an increase.

Rejecting this trendline could trigger a rollback to the $2.56 and $1.81 supports. A breakdown from there could plunge the price to $1.

Key Resistance Levels: $3.9, $4.7, $6

Key Support Levels: $2.56, $1.81, $1

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: kebox/123RF // Image Effects by Colorcinch

The above is the detailed content of Akash (AKT) Price Analysis: Bulls Attempt to Break Above Descending Trendline. For more information, please follow other related articles on the PHP Chinese website!